This principally conceptual paper explores how, in conjunction with its market orientation, a firm's internal and external strategic relationships may be used in implementing corporate venturing to achieve its strategic intent. Conceptually, the paper begins by exploring work on strategic corporate venturing. Building on this analysis, a dichotomy between internally sustained and externally partnered strategic relationships is discussed, as is the role of market orientation. From this discussion, a conceptual framework is developed and applied to an examination of three longitudinal case studies of multinational organizations. In light of these cases, the paper explores how strategic relationships may be used in corporate ventures to counter adverse market forces or to exploit market opportunities. The paper concludes by showing how organizational strategic intent, realized through market orientation and strategic relationships, may develop dynamically in response to external and internal influences.
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